macroeconomics

(1)
Population: 250,000
Unemployed: 20,000
Labor Force Participation Rate: 80%
(a) How many people are in the labor force?
(b) What is the unemployment rate?

(2)
Not in the labor force: 125,000
Unemployed: 25,000
Employed: 100,000

What is the unemployment rate?

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asked by Mac
  1. How many people are in the labor force and what is the unemployment rate?

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    posted by Mac
  2. Assuming that the population includes only those people between 16 and 64, then 200,000 are working or actively looking for a job. The unemployment rate is 20,000 / 200,000 or 10%.

    http://economics.about.com/od/unemploymentrate/f/labor_force.htm

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    posted by Ms. Sue

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